Last year guarantees from the company, which is part of the state-owned Hungarian Development Bank (MFB) group, helped more than 30,000 SMEs secure HUF 700 bln of loans.

Garantiqa will continue to target SMEs that have difficulty getting financing, Búza said. A recent survey by the MFB shows that around one-quarter of viable micro businesses and SMEs can get only limited financing or no financing at all from the commercial banking sector, she added.

Garantiqa celebrated its 25th anniversary in 2017. Over the years it has signed 400,000 contracts on guarantees for a total of some HUF 5,000 bln of loans.

Property developer the Futureal Group has signed a credit agreement of EUR 34.2 million with K&H Bank in order to finance the realization of the Advance Tower office building in Budapest. The first phase of the complex is expected to be delivered in the second quarter of 2018.

Last year, the EIB Group signed loans worth EUR 700 million with Hungary to promote SMEs, urban development and competitiveness. The financial support was aimed at export-oriented companies, education, urban development and telecommunication projects.

Credit rating agency Scope has changed the outlook on Hungaryʼs BBB sovereign rating from "stable" to "positive." At the same time, Scope has affirmed Hungaryʼs BBB long-term and senior unsecured local and foreign currency ratings, along with the short-term issuer rating of S-2 in both local and foreign currency.

The European Investment Fund (EIF) and Erste Bank Hungary signed a guarantee agreement in Budapest on Thursday that will support EUR 67 million of loans and leases to innovative Hungarian SMEs. The transaction is expected to benefit about 350 businesses.

Small and medium-sized enterprises are seen as the catalysts of the economy, and networking plays an essential role in helping such businesses generate revenue for each other. The International Networking Week next month aims at further expanding this area.

Listed insurance company CIG Pannóniaʼs revenue from premiums rose 48% to HUF 26.0 billion in 2017, lifted by its acquisition of MKB Insurance, an earnings report released early Tuesday shows, as reported by state news wire MTI.

Chief financial officers at Central and East European banks expect a benign operating environment this year will support continued credit growth, as well as stable loan performance and capital levels, says Moodyʼs Investors Service in a new report, summarized in a press release sent to the editor of the Budapest Business Journal.

Italian bank UniCredit booked after-tax profit of EUR 165 million at its business in Hungary in 2017, down 5% year-on-year, an earnings report released by the lender on Thursday shows, cited by state news wire MTI.

Among other effects, climate change also impacts the sensitivity of plants. Last year the Generali insurance group compensated some 1,500 agricultural losses in Hungary, in many cases with payments of up to HUF 50 million.